Global Space Spending Is Projected to Grow 41% Over the Next Five Years
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The global space economy grew 8% to $546 billion in 2022 and is projected to climb another 41% over the next five years, according to a leading space nonprofit.The sector is expected to show resiliency in the coming years, despite uncertainty about the global economy and a recent slowdown in space investment. Companies are seeing continued revenue growth from commercial space assets and governments around the world boosting expenditures, according to a report from the Space Foundation, a Colorado Springs, Colorado-based space flight advocacy group. The analysis considered spending from 51 governments, as well as commercial revenue from companies in 11 space industry sub-sectors. “Commercial space is the vital growing sector of the overall space economy,” Lesley Conn, director of ...